Chemung Financial (NASDAQ:CHMG) Shares Cross Above Two Hundred Day Moving Average - Here's What Happened

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) shares passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $47.58 and traded as high as $51.63. Chemung Financial shares last traded at $51.60, with a volume of 16,076 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CHMG shares. Keefe, Bruyette & Woods lowered their price objective on Chemung Financial from $60.00 to $55.00 and set a "market perform" rating for the company in a research note on Tuesday, April 22nd. Piper Sandler decreased their price objective on shares of Chemung Financial from $54.00 to $50.00 and set a "neutral" rating for the company in a research note on Tuesday, April 22nd.

Chemung Financial Stock Up 0.3%

The stock has a market cap of $248.12 million, a PE ratio of 10.90 and a beta of 0.37. The business has a fifty day moving average of $47.47 and a 200-day moving average of $47.61. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.89 and a quick ratio of 0.89.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its quarterly earnings data on Friday, April 18th. The bank reported $1.26 earnings per share for the quarter, topping analysts' consensus estimates of $1.22 by $0.04. Chemung Financial had a return on equity of 10.47% and a net margin of 14.95%. The firm had revenue of $25.71 million during the quarter, compared to analysts' expectations of $25.90 million. Equities research analysts anticipate that Chemung Financial Corp will post 5.38 earnings per share for the current year.

Chemung Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Tuesday, June 17th were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.47%. The ex-dividend date was Tuesday, June 17th. Chemung Financial's dividend payout ratio (DPR) is 27.00%.

Institutional Investors Weigh In On Chemung Financial

A number of institutional investors have recently modified their holdings of CHMG. Dimensional Fund Advisors LP increased its holdings in Chemung Financial by 7.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 156,389 shares of the bank's stock worth $7,633,000 after acquiring an additional 11,410 shares in the last quarter. Bridgeway Capital Management LLC increased its stake in shares of Chemung Financial by 3.5% during the fourth quarter. Bridgeway Capital Management LLC now owns 78,026 shares of the bank's stock worth $3,808,000 after purchasing an additional 2,633 shares in the last quarter. Acadian Asset Management LLC lifted its stake in Chemung Financial by 3.6% in the 1st quarter. Acadian Asset Management LLC now owns 72,597 shares of the bank's stock valued at $3,450,000 after buying an additional 2,541 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Chemung Financial by 9.2% in the 4th quarter. Renaissance Technologies LLC now owns 42,322 shares of the bank's stock worth $2,066,000 after buying an additional 3,581 shares during the last quarter. Finally, Basswood Capital Management L.L.C. acquired a new stake in Chemung Financial in the 4th quarter worth about $1,851,000. 47.50% of the stock is currently owned by institutional investors and hedge funds.

About Chemung Financial

Chemung Financial Corporation operates as a bank holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. The company provides demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.